Contract expiry is the date on which a futures or options contract reaches the end of its designated life and is settled—either by physical delivery of the underlying asset or by cash settlement based on the final settlement price. In India, equity futures and options contracts on NSE expire on the last Thursday of each month (or the preceding trading day if Thursday is a holiday). Weekly options on Nifty and Bank Nifty expire every Thursday, creating a high-activity expiry event each week. As expiry approaches, open interest typically shifts to the next contract month (rollover), time value of options decays rapidly, and volatility around the underlying index can increase significantly due to hedging and speculative activity.
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